Zurich Financial Reports $3.4 Billion Net Loss

NU Online News Service, Feb. 27, 4:45 p.m. – Zurich Financial Services Group, Zurich, is reporting a $3.4 billion loss for 2002 on $40 billion in revenue, compared with a $387 million net loss on $38 billion in revenue for 2001.

The 2002 net loss includes $917 million in losses on investments sold or written off during the year and $3.5 billion in special charges. Most of the charges stem from efforts to restructure the company, improve reserves and reduce the stated value of past acquisitions.

The life insurance unit is reporting $739 million in operating profits for 2002 on $13 billion in revenue, compared with $741 million in operating profits on $11 billion in revenue for 2001.